I don't understand this... I don't understand that... I don't understand the other... 
Yes those guys made many errors or leaps of faith in their opinions.
One point they forgot to make is that it doesn't matter if Ethereum did their ICO under Swiss laws. The USA has securities law is that if you advertise and market securities to US investors, then you are culpable under US law no matter where in the world you are. They will come after you. KimDotCom will soon learn this that you can't run and you can't hide from the USA. Don't forget that Sweden was involved in trying to extradite Assange and probably turning him over to the USA. And Switzerland has been caving in to USA demands for turning over US citizens hiding wealth in Swiss banks.
And besides, Martin Armstrong has pointed out that the G20 will start sharing information and cooperating on enforcement as of 2017 (when the global economy will collapse in earnest and capital controls will be ramped up significantly).
Here is something related to FinCEN which is not the same as SEC regulation, but nevertheless the same principle applies of filtering out US residents/citizens:
You can avoid US customers, but it takes work
America
Plenty of businesses, some of my own clients included, have decided that the US market just isn’t for them.
They’ve either soured on the idea of servicing US clients altogether, or have decided to launch and wait it out in jurisdictions like Canada until the US sees regulatory reform.
This can be both profitable and practical, but simply incorporating the overseas market isn’t going to cut it.
The smart business will develop a set of policies and procedures reasonably calculated to keep US residents out. A competent attorney can help guide you through this process, and I can give some very basic principles here.
Firstly, a pre-emptive response to a question I get asked weekly: geofiltering incoming IP addresses is only the beginning. The business itself should detect the jurisdiction of the customer’s IP address, display that address, and ask the customer to confirm that this is his or her jurisdiction.
Both customer and business can take affirmative steps: the customer can be required to click a button stating “I affirm that I am a resident of *country*,” and the business can require verifying documentation, like a passport or utility bill.
Several providers offer these kinds of onboarding services. Your business should develop a risk profile for each of its customers in real time setting forth the probability that the customer is a US resident.
The risk profile should take into account different factors like: (i) whether the customer registers a US bank account with your business, (ii) how many transfers to US bank accounts the customer requests (if you offer such a service), and (iii) how many times the customer accesses your service from within the US after setting up a new account.
The record shouldn't just show that your business followed its own policies, but that those policies worked. If push comes to shove, a judge and jury would probably like to see that, every once in a while, your procedures actually caught a US resident trying to use your service, and that you closed his or her account.
Finally, it should go without saying that your business should not advertise to US customers. This all might seem excessive for, or inapplicable to, your business and indeed it might be. The proper set of procedures will depend heavily upon the details of your business model and your degree of risk tolerance.
For some, even crafting and implementing these policies may be just as unappetising as compliance. There is, in fact, a way to service US customers and avoid these burdens.
Namely, you can become the agent of a Bank or Credit Union, as existing MSB Certified agents of banks, credit unions and money services businesses are typically exempt from registration and licensure requirements.
Functionally, becoming an agent means hiring an attorney to negotiate and execute an agreement with the bank, credit union or MSB (called the “principal”) setting forth your relative rights and obligations.
Btw, I should mention I was awake all night in a long chat with jl777 (i.e. the SuperNet) and he is working on decentralized exchange (and decentralized games such as poker) and I want to make sure those will interopt with the social network I am coding for the launch of my coin. That is your hint on how to find it. I won't be announcing it here.
I suggested to James that he support
my "rainy day" suggestion for foiling jamming, by allowing users of the DE to choose a "Coin Days Destroyed". I asked him to see what TierNolan thinks of my idea. James is checking his atomic transfer protocol with TierNolan who wrote the BIP for decentralized exchange.
James is working on income models for the SuperNet, i.e. a very small fee on each DE trade.
James is not a GUI programmer (I am but I don't want to code game front-ends because I don't love playing games at my 50.7 age), so we are looking for GUI programmers who want to receive a % of the fees. We prefer these people be independent, i.e. neither of us want to manage employees.
I am very interested in doing the GUI programming for the social network.
